Deepfake Crypto Scams Drain $103M from Canadians in 2025—Here’s How It Happened
Fake faces, fake promises—real losses. Canadians got swindled out of nine figures last year by AI-powered crypto cons. And no, your 'gut instinct' won’t save you.
How deepfakes hijacked trust
Scammers cloned voices, faked video calls, and even impersonated legit crypto exchanges. The result? A $103M heist where victims willingly handed over their keys—classic 'wolf in Elon’s clothing' tactics.
Why crypto? Why now?
Blockchain’s irreversible transactions make it the perfect playground for grifters. Add generative AI to the mix, and suddenly your 'due diligence' looks as useful as a paper parachute.
The irony? Banks would’ve frozen these transactions in seconds. But hey—decentralization means no take-backsies, right?
Crypto scammers use deepfake videos
A couple who reside in Ontario told CTV News that they have lost thousands of dollars. The victims, Don Perkins and his wife, Guylaine Perkins, watched a deepfake video of former Finance Minister Chrystia Freeland talking about an investment opportunity that WOULD change their lives.
In the deepfake video, the former minister appeared to be saying, “I urge each of you to seize this opportunity and register for the project. I personally guarantee the safety of your funds.” The couple started investing a few hundred dollars. They wanted to boost their retirement savings since they have health problems. The victims eventually poured their life savings of $42,600 into the investment scheme.
Don Perkins said that he tried to access his funds, but the scammer asked for an additional $10,000. That’s when the couple realized they had lost their life savings. He said, “We got stung big time, and we don’t want it to happen to anyone else.”
Another Ontario native named Brenda Dionne said she fell for a cryptocurrency scam. The victim had a similar experience to the Perkins, where she watched a deepfake video of what appeared to be Prime Minister Mark Carney. In the fake video, the Prime Minister appeared to be saying, “Make your initial deposit. The algorithm earns on your behalf.”
Unfortunately, Dionne sent her bank information to the scammers, who wiped her account clean, stealing her life savings of $16,000.
The Canadian Anti-Fraud Centre (CAFC) reported that Canadians lost $310 million to investment scams last year. Around 62% of the total $310 million was siphoned through cryptocurrency-related scams, making the loss equivalent to $190 million in 2024.
Most cryptocurrency scams rely on deepfake videos. A CAFC spokesperson said, “If you open up your search engine and you search up cryptocurrency investments, the first five or ten are more than likely to be fraudulent platforms.”
The CAFC warned Canadians, stating that videos which seem too good to be true—especially ones that show a public figure saying something out of character—should be viewed with caution. The center encourages people to remain skeptical, exercise caution, and do their own research.
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